Published: July 23, 2014 at 1:41 pm

Valueact Capital, led by Jeffrey Ubben, has reduced its position in Dresser-Rand Group Inc. (NYSE:DRC). The fund has revealed, in a newly amended filing with the Securities and Exchange Commission, that it holds around 2 million shares of the company, representing 2.6% of the company’s common stock. According to the filing, the fund has sold around 3.0 million shares in multiple transactions. Previously, Valueact Capital reported a 6.6% stake in the company, containing around 5 million common shares.

Dresser-Rand Group Inc. (NYSE:DRC) is a supplier of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. With a market cap of $4.90 billion, the company operates manufacturing facilities in the United States, France, United Kingdom, Spain, Germany, Norway, India, and Brazil.

For the first quarter of 2014, the company reported net income of $16.6 million, or $0.22 per diluted share, for the first quarter, compared to net income of $32.9 million, or $0.43 per diluted share for the first quarter 2013. In a press release, the company said that its net income and EPS for the first quarter were reduced by about $10.8 million and $0.14, respectively, as a result of the impact of the draft Spanish regulation. Dresser-Rand Group Inc. (NYSE:DRC) posted revenues for the first quarter of $699.1 million, down from $766.4 million for the same quarter of 2013.

Shares of Dresser-Rand Group Inc. (NYSE:DRC) traded down by 4.20% to $64.07 on Wednesday. For the company’s stock, analysts have the consensus average target price of $62.38, and the consensus average recommendation is ‘Hold.’

Disclosure: none

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